Gold Price Today 31st Oct 2016
Gold Price Today
As per previous analysis , we were expecting more upward movement towards 1281-83.Price move lower but remain above the invalidation point and bounce back towards our second target which was 1281-83.Price move exactly according to our expectation and i hope you guy get some bucks during these movement.I am sharing two different update chart analysis for next move prediction below.
For the reference of previous analysis , please visit the link below.
Daily God Price Technical Analysis
Gold price is in correction mode after recent fall towards 1242-43.It was expected this corrction may end around 1281-83 or 1296 in extension.Gold made a new high in previous week friday session and closing was around 1276.Current market gold price is 1277.We have to look for confirmation either correction is over or it may move more high to hit the final correction target at 1296-97.I am expecting little bit more upward movement and then we will look for confirmation of reversal.We will look 4 hour chart to get the closest picture and to catch earlist confirmation or reversal.Please have a look in daily time frame chart below.I have mention possible next movement diagram.
4 Hour Gold Price Technical Analysis
We love to share 4 hour gold chart because it help us to predict earliest move and to catch entry or exit levels.Gold is is moving in a rising channel in a 4 hour time frame chart, We are expecting more upward movement towards the resistance of rising channel which become 1287-88 now.And then it may move down towards its support again.Support of rising channel is at 1267-70 area.If gold fail to touch the resistance then it may retest its support first for the next bounce.Movement and closing below the support in 4 hour chart will give earliest confirmation , that correcton is over.Alternate we may change our thoughts from bearish to bullish in longer term trend, if gold close above the bullish invalidation point which is mention in the 4 hour chart below.
Gold Price Support & Resistance
Hourly Support : 1269-71
-Hourly Resistance : 1287-88
Daily Support : 1257-58
Daily Resistance 1287-88
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Wish you good luck and happy trading
Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com